Bitcoin’s hashprice, defined as the expected revenue from one petahash per second (PH/s) of computing power per day, has plunged to an unprecedented low. According to Luxor’s hashprice index, as of 6 a.m. EDT on July 4, 2024, the rate per petahash fell sharply to $44.842 per PH/s. This drop in the dollar value of daily mining income per petahash is posing substantial challenges for bitcoin (BTC) miners.
Despite the decline in earnings, Bitcoin’s seven-day simple moving average for overall hashrate reveals an increase in computational power from 556 exahash per second (EH/s) to 578 EH/s. The diminishing hashprice exacerbates financial strain on bitcoin miners, particularly affecting smaller operations. With revenue per petahash diminishing, these smaller miners are encountering escalating difficulties in sustaining profitability.
